With a focused exploration strategy aimed at expanding its 2024 inferred resource and increasing its precious metals ratio, Silver47 is a compelling investment story, well-positioned to capitalize on the increasing global demand for silver, gold, copper, zinc, antimony, tin and graphite driven by its vast industrial applications and investment potential.
Silver47 Exploration (TSXV:AGA) is a North American-focused company dedicated to discovering and developing silver-gold rich deposits across its portfolio: Red Mountain in Alaska, Adams Plateau in British Columbia and the Michelle Project in Yukon. Silver47’s flagship project is the Red Mountain polymetallic VMS deposit, which has a 2024 inferred resource of 168.6 million ounces (Moz) of silver equivalent (15.6Mt at 335.7 g/t AgEq). This resource is equivalent to 2 Moz gold at about 4 g/t.
Silver47 has an “Exploration Target” for the Red Mountain Project of 50-75Mt at 300-400 g/t AgEq including the current resource.
Silver47 plans to rapidly expand its resource base to unlock the silver, copper and gold value in its deposits. In addition, zinc, lead, tin, antimony and graphite occur in abundance on its projects and value-add from these critical minerals is expected through further exploration.
Silver is critical in both industrial applications and as an investment asset. The global demand for silver is rising due to its essential role in electronics, renewable energy, such as solar, and other significant, new technologies in AI components, and AgZn and AgC batteries. Around 60 percent of silver demand comes from industrial use, while 40 percent is driven by bullion, coins and jewelry. With a silver supply deficit of 240 Moz, demand is expected to continue increasing.
The Red Mountain VMS Project is the Company’s flagship asset, located approximately 100 kilometers south of Fairbanks, Alaska. This project is a polymetallic VMS deposit, rich in silver, gold, zinc, copper, and lead. As of January 2024, Red Mountain holds an NI 43-101 inferred resource of 15.6 million tonnes (Mt) at 7 percent zinc equivalent, or 168.6 Moz of silver equivalent at a grade of 335.7 grams per ton (g/t) silver equivalent. The project is located in a mining-friendly jurisdiction on state managed lands with reasonable access to infrastructure.
The Western half of the Red Mtn claim group has a SEDEX affinity compared to the VMS targets of the Eastern half of the project. Initial exploration of the Horseshoe SEDEX target identified shallow dipping mineralized horizons over a broad area with rock grab samples returning up to 37.9 g/t Ag, 3.81 g/t Au, 4.6 percent Zn, 2.6 percent Pb (see images below).
Silver47’s exploration target for Red Mountain is estimated between 50 and 75 Mt, with an expected grade of 300 to 400 g/t silver equivalent.
The Red Mtn Project has immense growth potential with the many underexplored target areas with precious metals, base metals, tin and antimony.
The Adams Plateau Project is located 100 km NE from Kamloops, British Columbia, Canada and has great road access with infrastructure nearby. The Adams Plateau Project shares similarities to the VMS-SEDEX style deposits of the Company’s Red Mountain Project. Numerous showings of massive sulphide have been located across the 150 sq km project.
Historical drilling on the Adams Plateau Project has returned 4.8m of 348 g/t Ag, 0.72 g/t Au, 2.7 percent Pb+Zn at the Spar Target with surface rock grabs up to 4000 g/t silver, 7 percent copper. Recent rock samples collected by Silver47 have returned (3503 g/t Ag, 1.0 g/t Au, 29 percent Pb+Zn) and (1380 g/t Ag, 6.5 g/t Au, 25 percent Pb+Zn).
The Michelle Project is located in north central Yukon, Canada, a territory known for its high mineral potential. This project is situated in a highly prospective geological region that has 22 surface showings of Ag-Pb-Zn mineralization with critical minerals like gallium and antimony. Silver47’s first season of exploration on the project led to a new and exciting silver discovery at the Silver Matt showing. Geochemical analysis suggests that these targets are MVT type sediment hosted mineralization.
In 2022, Silver47 confirmed a new silver discovery at the Michelle Project with 7.68m of 1,577 g/t Ag, 45 percent Pb, 4 percent Zn within 15m of 907 g/t Ag, 26 percent Pb, 2.7 percent Zn in hole MCH22-002 at the Silver Matt Target. Surface samples at Silver Matt have returned up to 4180 g/t Ag, 82 percent lead.
Mineralization with sulphide and oxide at 39m depth in MCH-22-002, Silver Matt Target.
The company is waiting for a Class 3 permit for drilling from the Yukon government, which has been delayed due to a flawed (YESAB) Yukon Environmental and Socio-economic Assessment Board’s no-go decision in late 2022. The project has been pushed into a judicial review. During the land use planning process in this area all parties agreed to honour existing mineral claims.
Gary Thompson is a geologist with extensive experience in both exploration and building companies. He is the current Chairman and CEO of Brixton Metals and has held leadership roles in several successful ventures, including Sierra Geothermal Power, which was sold in 2010. In addition to his expertise in geology he has raised over $135 million of equity for exploration companies.
Kevin Chen brings a wealth of financial expertise to Silver47, having previously served as the CFO of prominent mining companies such as Gold Royalty and Uranium Royalty. With a strong background in finance and management, Chen oversees the Company’s financial strategy and ensures it maintains a solid financial foundation for growth. His experience in the mining sector, especially with royalty companies, adds significant value to Silver47’s leadership team.
Alex Wallis is an accomplished exploration geologist with over 15 years of experience in international mineral exploration. He was previously a project manager with APEX Geoscience and the country manager for U3O8 Corp in Guyana. His technical expertise in mineral exploration and his leadership in guiding exploration projects bring critical knowledge to the Company’s ambitious resource growth strategies.
David Netherway is a seasoned mining engineer with over 40 years of experience in the industry. He has successfully built and sold five gold mines in West Africa and brings a deep understanding of mine development and operations. His strategic insights and engineering background provide Silver47 with valuable guidance as the Company moves closer to its development milestones.
Ryan Goodman is a legal expert in the mining industry, currently serving as VP, Legal for Orezone Gold and previously at Aura Minerals. Mr. Goodman’s legal acumen and understanding of the regulatory landscape are key assets to Silver47.
Silver47 Exploration Corp. (TSXV: AGA) ("Silver47" or the "Company), is pleased to announce that, due to strong investor demand, it has increased the size and modified its non-brokered private placement previously announced on February 19, 2025 (the "Offering" ).
The Offering will include the sale of the following securities (collectively, the "Securities"):
Up to 15,000,000 units of the Company at $0.50 each (the "Units"), for aggregate gross proceeds of up to $7,500,000. Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (a "Half-Warrant", with two Half-Warrants being referred to as a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one Common Share (each, a "Warrant Share") at a price of $0.75 within 36 months following issuance; and
Up to 877,192 flow-through units of the Company (the "FT Units") at a price of $0.57 per FT Unit, for aggregate gross proceeds of up to $500,000. Each FT Unit will consist of one Common Share and a Half-Warrant (subject to the same terms as indicated above), each issued as a "flow-through share" pursuant to the Income Tax Act (Canada).
The net proceeds from the sale of the Units will be used to fund exploration activities at the Red Mountain Project in Alaska and for general working capital and gross proceeds from the sale of FT Units will be used for exploration expenditures at the Company's Adams Plateau Project in British Columbia.
The proceeds from the sale of the FT Units will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada), and for British Columbia subscribers, "BC flow-through mining expenditures" as defined in the Income Tax Act (British Columbia), (the "Qualifying Expenditures") on the Company's Adams Plateau Project, with such expenses to be incurred on or before December 31, 2026, and the Company will renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2025.
Completion of the Offering remains subject to the approval of the TSX Venture Exchange (the "TSXV"). All securities issued in connection with the Offering will be subject to a hold period of four months and one day from the date of issuance under applicable securities laws. The Company anticipates paying finders' fee, payable in cash and/or non-transferable finders' warrants, to certain eligible parties who introduce subscribers to the Offering. Closing of the Offering is expected to occur on or about March 12, 2025, or on any other date or dates as the Company may determine.
Certain directors and officers of the Company plan to acquire securities under the Offering. The issuance of securities to such insiders would be considered a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 as the Company is listed on the TSXV and neither the fair market value of securities issued to related parties nor the consideration being paid by related parties will exceed 25% of the Company's market capitalization.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the "United States" or to "U.S. persons" (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Silver47 Exploration Corp.
Silver47 wholly-owns three silver and critical metals (polymetallic) exploration projects in Canada and the US: the Flagship Red Mountain silver-gold-zinc-copper-lead-antimony-gallium VMS-SEDEX project in southcentral Alaska; the Adams Plateau silver-zinc-copper-gold-lead SEDEX-VMS project in southern British Columbia, and the Michelle silver-lead-zinc-gallium-antimony MVT-SEDEX Project in Yukon Territory. Silver47 Exploration Corp. shares trade on the TSX-V under the ticker symbol AGA. For more information about Silver47, please visit our website at www.silver47.ca.
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On Behalf of the Board of Directors
Mr. Gary R. Thompson
Director and CEO
gthompson@silver47.ca
For investor relations
Meredith Eades
info@silver47.ca
778.835.2547
No securities regulatory authority has either approved or disapproved of the contents of this release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "upon" "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to: closing of the Offering, including the number of Units and FT Units issued in respect thereof; anticipated use of proceeds; expected closing date of the Offering; payment of finder's fees; ability to obtain all necessary regulatory approvals; insider participation in the Offering; the statements in regards to existing and future products of the Company; and the Company's plans and strategies. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the ability to close the Offering, including the time and sizing thereof, the insider participation in the Offering and receipt of required regulatory approvals; the use of proceeds not being as anticipated; the Company's ability to implement its business strategies; risks associated with general economic conditions; adverse industry events; stakeholder engagement; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and the additional risks identified in the Company's financial statements and the accompanying management's discussion and analysis and other public disclosures recently filed under its issuer profile on SEDAR+ and other reports and filings with the TSXV and applicable Canadian securities regulators. The forward-looking information are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws.
No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
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Silver47 Exploration Corp. (TSXV: AGA) ("Silver47" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement of units of the Company (the "Units"), at a price of $0.50 per Unit, for aggregate gross proceeds of up to $3 million (the "Private Placement").
Each Unit will consist of one common share in the capital of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share (each a "Warrant Share") at a price of $0.75 per Warrant Share for a period of 36 months after the closing date of the Private Placement.
The Private Placement is expected to close on or about March 12, 2025, or on any other date or dates as the Company may determine. Closing of the Private Placement is subject to receipt of conditional acceptance from the TSX Venture Exchange ("TSXV"). The Units issued under the Private Placement, and the underlying securities, will be subject to certain resale restrictions such as a hold period of four months and a day from the closing date.
Insiders plan to participate in the Private Placement and the participation of insiders will be considered a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation in the Private Placement by insiders will not exceed 25% of the Company's market capitalization.
Net proceeds from the Private Placement will be used to advance exploration drilling at the Red Mountain Project in Alaska and general corporate purposes. The Company may pay certain finders a fee in connection with the sale of Units to purchasers introduced to the Company by such finders. The Company reserves the right to increase the size of the Private Placement to $5 million in the context of the market.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the "United States" or to "U.S. persons" (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Silver47 Exploration Corp.
Silver47 wholly-owns three silver and critical metals (polymetallic) exploration projects in Canada and the US. The Flagship Red Mountain silver-gold-zinc-copper-lead VMS-SEDEX project in southcentral Alaska hosts a NI 43-101 inferred mineral resource estimate of 15.6Mt at 7% ZnEq for 1Mt of ZnEq or 335.7 g/t AgEq for 168.6 Moz AgEq at the Dry Creek (DC) and West Tundra Flats (WTF) resource areas as combined open pit and underground. Silver47 shares trade on the TSXV under the ticker symbol AGA. For more information about Silver47, please visit our website at www.silver47.ca.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Director and CEO
info@silver47.ca
403-870-1166
No securities regulatory authority has either approved or disapproved of the contents of this release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, including statements relating to the approval of the TSXV, use of proceeds from the Private Placement and the Closing Date or other similar expressions and all statements, other than statements of historical fact included herein. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks relating to the Company's failing to obtain the requisite regulatory (including the TSXV) approvals for the engagement of High Tide on the terms described in the Contractor's Agreement and the additional risks identified in the Company's long form prospectus dated October 25, 2024 filed under its issuer profile on SEDAR+ and other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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Silver47 Exploration Corp. (TSXV: AGA) ("Silver47" or the "Company), has identified anomalous concentrations of several elements listed by both the United States and Canada as 'critical metals.' Following the 2024 drill program, a full review of historic and recent drill assays was undertaken with a focus on critical mineral potential. In addition to the high-grade zinc-silver-gold-lead-copper defined in the inferred resource, elevated amounts antimony (Sb), gallium (Ga), niobium (Nb), and vanadium (V) were found to occur within the Dry Creek (DC) and West Tundra Flats (WTF) resource zones.
Highlights
The highest grades of antimony, gallium and vanadium occurs at the Dry Creek zone with up to 6,230 parts per million ("ppm") (0.623%) antimony and 116.4 ppm gallium and 1110 ppm vanadium
The most significant interval drilled at the Dry Creek zone was from hole DC18-77, which returned 6.8 metres of 2,928.4 ppm antimony, 81.7 ppm gallium, 938.7 g/t silver, 1.5 g/t gold, 3.5% zinc, 1.7% lead, 0.4% copper including;
4.3 metres of 4,432.2 ppm antimony, 96.7 ppm gallium, 1434.8 g/t silver, 2.2 g/t gold 4.8% zinc, 2.3% lead and 0.5% copper
CEO Gary R. Thompson, stated: "The identification of gallium and antimony, among other critical minerals, within the resource zones has the potential to add significant value to our Red Mountain project. While we are focused on growing the silver-gold and base metals resource at Red Mountain, further assessment of these critical minerals, which are used in a myriad of high-tech applications, is planned to better understand the potential contribution that they may have on the project."
High antimony and gallium assay values consistently occur within previously reported intervals of high-grade silver-zinc-gold-lead-copper massive sulfides and are distributed throughout the resources. Niobium and vanadium highs occur primarily in the western portion of Dry Creek.
Figure 1. Red Mountain Project Location.
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Table 1. Select drilled intervals containing high antimony and gallium at the Dry Creek Zone.
| Drill Hole | Interval | Antimony | Gallium | Silver | Gold | Zinc | Lead | Copper |
| ID | (m) | (ppm) | (ppm) | (g/t) | (g/t) | (%) | (%) | % |
| DC24-105 | 14.3 | 725.8 | 57.8 | 222.0 | 1.2 | 8.4 | 3.7 | 0.2 |
| DC24-106 | 24.5 | 114.0 | 35.8 | 55.5 | 2.0 | 4.1 | 1.3 | 0.1 |
| including | 2.5 | 334.0 | 22.1 | 249.5 | 15.0 | 22.0 | 7.0 | 0.4 |
| DC18-76 | 23.6 | 547.5 | 77.4 | 106.9 | 0.6 | 2.7 | 1.1 | 0.1 |
| including | 4.1 | 993.2 | 84.1 | 84.6 | 0.4 | 4.7 | 2.3 | 0.2 |
| DC18-77 | 6.8 | 2,928.4 | 81.7 | 938.7 | 1.5 | 3.5 | 1.7 | 0.4 |
| including | 4.3 | 4,432.2 | 96.7 | 1434.8 | 2.2 | 4.8 | 2.3 | 0.5 |
| DC18-79 | 4.6 | 1,074.0 | 55.9 | 233.3 | 1.8 | 6.4 | 3.4 | 0.2 |
| and | 6.1 | 743.4 | 35.0 | 384.6 | 5.5 | 15.9 | 6.3 | 1.2 |
| including | 4.7 | 868.4 | 29.8 | 466.0 | 6.9 | 19.5 | 7.8 | 1.5 |
Table 2. Select drilled intervals of high antimony and gallium at the West Tundra Flats Zone.
| Drill Hole | Interval | Antimony | Gallium | Silver | Gold | Zinc | Lead | Copper |
| ID | (m) | (ppm) | (ppm) | (g/t) | (g/t) | (%) | (%) | % |
| WT24-33 | 2.90 | 919.6 | 14.5 | 417.4 | 0.7 | 9.1 | 4.8 | 0.1 |
| WTF83-17 | 1.90 | 954.5 | 9.8 | 620.7 | 3.6 | 16.5 | 6.7 | 0.4 |
| WT18-28 | 3.50 | 991.2 | 9.8 | 517.5 | 2.1 | 15.1 | 6.7 | 0.2 |
Notes: Reported intervals in Table 1 and 2 are drilled intervals not true widths.
Alex Walls, P.Geo., Vice President of Exploration, stated: "The high antimony and gallium content within both existing resource zones shows that there is more value to unlock at Red Mountain as we continue drilling to grow the already impressive polymetallic resource."
China is the world's largest producer of many critical minerals and has recently imposed a ban on the export of gallium, antimony, and other essential materials, further straining global supply chains. Critical minerals are vital to the economies of Canada and the U.S. and have now become a matter of national security, shedding light on the vulnerabilities within our supply chains. According to consultancy Project Blue, China controls 98.8% of the global supply of refined gallium, while China and Russia together dominate 70% of the world's supply of antimony.
Gallium is used in a variety of high-tech and energy-efficient applications, including AI technologies, data centers, light-emitting diodes (LEDs), magnet manufacturing, semiconductors, microchips, clean energy solutions, consumer electronics, communications, and thin-film solar technologies.
Antimony plays a critical role in several military and industrial applications, such as fire-retardant materials, ammunition, night vision goggles, nuclear weapons, anti-tank missiles, and armor-piercing bullets. It is also essential in the production of infrared sensors, precision optics, laser sighting, explosive formulations, hardened lead for bullets and shrapnel, ammunition primers, tracer ammunition, tritium production, flares, military clothing, and communication equipment. Additionally, antimony is crucial in the creation of tungsten steel and the hardening of lead bullets.
About the Red Mountain VMS-SEDEX Project - Alaska, USA
Silver47's flagship Red Mountain property covers 633 square kilometres of Alaska State-managed land 100 kilometres south of Fairbanks, Alaska. The project is well situated for infrastructure, 30 kilometres east of the community of Healy which has power, rail and state highway access to Alaska Route 3, providing a valuable connection to the port of Anchorage and tide water. The Company has an approved permit to conduct advanced exploration across the project.
Red Mountain hosts a NI 43-101 inferred mineral resource estimate of 15.6 Mt at 7% zinc equivalent ("ZnEq") for 1Mt of ZnEq or 335.7 g/t silver equivalent ("AgEq") for 168.6 Moz AgEq at the Dry Creek (DC) and West Tundra Flats (WTF) resource areas as combined open pit and underground. DC and WTF are the two most advanced mineralized zones at Red Mountain, with at least 20 additional mineralized prospects discovered on the property to date over the 60 kilometres of highly prospective geology.
For more information, see the Red Mountain NI 43-101 technical report titled "Technical Report on the Red Mountain VMS Property, Bonnifield Mining District, Alaska, USA" dated January 12, 2024, prepared by Apex Geoscience Ltd., can be found on the Company's website https://silver47.ca/ and SEDAR+.
Quality Assurance and Quality Control
Quality assurance and quality control (QAQC) protocols for drill core sampling at Red Mountain project followed industry standard practices. Core samples were typically taken at 1.0 metre intervals in mineralized zones, and 3.0 metre intervals outside of mineralized zones. Sample lengths were adjusted as necessary so as not to cross lithologic and mineralogic boundaries. QAQC check samples were inserted into the sample stream with one blank, one duplicate (coarse), and one certified reference material (CRM) occurring within every 20 samples. Drill core was cut in half, bagged, sealed and delivered directly to ALS Minerals Fairbanks, Alaska for transport to the ALS Minerals Laboratories labs in North Vancouver, British Columbia. ALS Minerals Laboratories are registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Core samples were analyzed at ALS Laboratory facilities in North Vancouver using four-acid digestion with an ICP-MS finish. Gold analysis was by fire assay with atomic absorption finish, or gravimetric finish for over-limit samples. Over-limits for silver, zinc, copper, and lead were analyzed using Ore Grade four-acid digestion. The standards, certified reference materials, were acquired from CDN Resource Laboratories Ltd. of Langley, British Columbia and selected to represent expected mineralization.
Qualified Person
Mr. Alex S. Wallis, P.Geo., is Vice President of Exploration for the Company who is a "qualified person" as defined by National Instrument 43-101. Mr. Wallis has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the technical information and has approved the technical information in this press release.
About Silver47 Exploration Corp.
Silver47 wholly-owns three silver and critical metals (polymetallic) exploration projects in Canada and the US: the Flagship Red Mountain silver-gold-zinc-copper-lead VMS-SEDEX project in southcentral Alaska; the Adams Plateau silver-zinc-copper-gold-lead SEDEX-VMS project in southern British Columbia, and the Michelle silver-lead-zinc-gallium-antimony MVT-SEDEX Project in Yukon Territory. Silver47 Exploration Corporation shares trade on the TSX-V under the ticker symbol AGA. For more information about Silver47, please visit our website at www.silver47.ca.
On Behalf of the Board of Directors
Mr. Gary R. Thompson
Director and CEO
gthompson@silver47.ca
For investor relations
Meredith Eades
info@silver47.ca
778.835.2547
No securities regulatory authority has either approved or disapproved of the contents of this release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, including statements relating to the trading of the Company's common shares on the TSXV, the prospective geology and composition of its properties, anticipated results of further exploration on its properties, statements relating to the YESAB litigation, or other similar expressions and all statements, other than statements of historical fact included herein. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; the satisfaction of the conditions imposed by the TSXV on the Listing; operational risks associated with mineral exploration; regulatory risks; fluctuations in commodity prices; title matters; litigation risks; and the additional risks identified in the Company's long form prospectus dated October 25, 2024 filed under its issuer profile on SEDAR+ and other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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Gary Thompson, Chief Executive Officer, Silver47 Exploration Corp. ("Silver47" or the "Company") (TSXV: AGA), and his team, joined Dean McPherson, Head, Business Development, Global Mining, Toronto Stock Exchange (TSX), to open the market to celebrate the Company's new listing on the TSX Venture Exchange.
Silver47 Exploration Corp. is focused on rapidly expanding its resource base of silver, gold, copper, zinc and lead, with the aim of reaching a milestone development decision in the next 3-5 years, while also driving new discoveries.
Backed by industry leaders, the Company is advancing its flagship Red Mountain project in Alaska, which currently hosts 168.6 million ounces of silver at 336 g/t AgEq, equivalent to 1 million tonnes of zinc at 7% ZnEq or 2 million ounces of gold at 4 g/t AuEq.
Silver47's initial focus is on increasing the silver-gold rich Dry Creek and West Tundra Flats resources at the eastern end of this district-scale land package, with an exploration target of 50Mt in the 300-400 g/t AgEq grade range for 480Moz Eq. The company's extensive land holdings of 942 state mining claims and one mining lease cover a 60km trend of polymetallic mineralization.
MEDIA CONTACT:
Gary Thompson
President & CEO
info@silver47.ca
403-870-1166
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Silver47 Exploration Corp. (TSXV: AGA) ("Silver47" or the "Company"), is pleased to announce the final results from the 2024 exploration program at the Company's wholly-owned flagship Red Mountain Project in Alaska, USA. Two infill-confirmation holes drilled at the western extent of the Dry Creek resource intersected broad zones of polymetallic sulphide mineralization with multiple high-grade massive sulphide intervals. A total of 1,039 metres of drilling was completed in 6 holes at the Dry Creek, West Tundra Flats, and Kiwi prospects combined.
Highlights
Mr. Alex Wallis, P.Geo., Vice President of Exploration, stated: "Holes 104 and 105 confirmed infilled broad intervals of silver-gold enriched VMS style mineralization in the western portion of the Dry Creek resource, supporting the 3D modelling of historic data. Mineralization shows both stratigraphic and structural control in this zone. This new data from the 2024 drilling exploration campaign will aid in future infill drilling of high-grade zones."
Dry Creek Infill-Confirmation Drilling
Two drill holes were completed to confirm the broad, high-grade mineralization encountered by historical holes DC98-40, DC98-60, and DC99-64, which intercepted up to 40 m of semi-massive to massive sulphide in the Fosters lens of the Dry Creek deposit. The Dry Creek mineralization consists of multiple horizons of semi-massive to massive sulphides within the metavolcanics and metasediments of the Totatlanika Schist which can be traced for 4,500 m and dips steeply to the north. The Fosters and Discovery lenses of VMS mineralization make up the central 1,400 m of the Dry Creek North Horizon occurring as massive to semi-massive silver-zinc-lead-gold-copper sulphides. The lenses pinch and swell along strike and down-dip, as is typical of VMS deposits.
Figure 1. Plan map of drill holes at Dry Creek and West Tundra Flats resource areas
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Table 1. Significant intervals for holes DC24-104 and DC24-105 at the Red Mountain Project
| Hole ID | From (m) | To (m) | Interval (m) | ZnEq (%) | AgEq (g/t) | Ag (g/t) | Au (g/t) | Zn (%) | Pb (%) | Cu (%) |
| DC24-104 | 14.30 | 29.50 | 15.24 | 11.40 | 545.50 | 106.00 | 0.45 | 6.40 | 2.20 | 0.19 |
| including | 15.90 | 21.90 | 6.00 | 26.10 | 1248.40 | 231.10 | 1.04 | 14.70 | 5.30 | 0.46 |
| DC24-105 | 18.93 | 41.25 | 22.32 | 12.57 | 601.00 | 150.60 | 0.82 | 5.86 | 2.60 | 0.13 |
| including | 20.31 | 24.56 | 4.25 | 26.25 | 1255.50 | 238.00 | 1.57 | 14.09 | 5.90 | 0.17 |
| and | 29.10 | 31.76 | 2.66 | 37.70 | 1801.20 | 599.40 | 2.37 | 14.50 | 6.90 | 0.64 |
Assay intervals are weighted average and are drilled lengths, true widths cannot be determined at this time.
Notes:
Figure 2. Drill Hole DC24-104 and DC24-105 Cross Section
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Mr. Gary R. Thompson, P.Geo., CEO of Silver47 Exploration Corp., commented, "We are pleased with the results from this summer's drill program at West Tundra Flats and Dry Creek, which further confirm the high-grade polymetallic mineralization and significant potential of the Red Mountain Project. These results strengthen our exploration strategy and enhance our confidence in the scale of the resource. Moving forward, our focus will be on integrating the new data into an updated geological model for planning further drilling to expand the resources along strike and down-dip. Secondary objectives for the next program will be drill testing for new discoveries like the Galleon and Horseshoe showings, as well as testing the infill potential of the 2.7 km gap between the two resource areas."
Technical Discussion on Hole DC24-104
Hole DC24-104 was planned to confirm the broad, near-surface sulphide mineralization encountered in historical hole DC98-40 in the western area of the Dry Creek deposit. The hole passes through regionally metamorphosed metasediments and metavolcanics. The top of the hole had no recovery to 14.33 m and fragmented recovery until 32.61 m with evidence of significant post-mineralization faulting through the entire hole. Mineralization was intercepted as semi-massive sulphides in metarhyolite from 15.9 m - 19.0 m and as massive sulphides from 19.0 m - 21.30 m. The 15.2 m interval from 14.3 m to 29.5 m returned a grade of 545.5 g/t AgEq, with a 6.0 m high-grade zone from 15.9 m grading 1,248.4 g/t AgEq. The semi-massive sulphides have increasing sulphide bands with depth into the massive sulphide mineralization with sparse 1 centimetre intervals of rhyolite. The sulphides are comprised of aphanitic to fine pyrite, sphalerite, galena and minor chalcopyrite. The hole is mainly composed of metarhyolite with some intervals of grey aphanitic phyllite with lesser graphitic intercalations and beds, ending in tuffaceous phyllite. The entire hole is heavily foliated with frequent intervals of fault gouge and rubbly fragments.
Technical Discussion on Hole DC24-105
Hole DC24-105 was drilled from the same pad as DC24-104, with a steeper dip to confirm continuity of high-grade mineralization between holes DC98-40 and DC98-60. Hole 105 passed through the same lithologic units as hole 104, as well as similar post-mineralization faulting. The hole is composed of mixed intervals metarhyolite and grey aphanitic phyllite with lesser graphitic intercalations and beds. The entire hole is heavily foliated. Mineralization was intercepted after a metarhyolite unit as three intervals of pyrite-sphalerite-galena and minor chalcopyrite massive sulphide interspaced with felsic phyllite: 20.3 m - 21.1 m, 22.3 m - 27.8 m, and 29.1 m - 32.6 m. These high-grade lenses are encapsulated by a 22.3 m interval returning a grade of 601 g/t AgEq, including 2.66 m of 599.4 g/t silver, 2.37 g/t gold, 14.5% zinc, 6.9% lead, and 0.64% copper.
Figure 3. Drill Core DC24-105 of deformed massive sulphide at 27.5 m
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Figure 4. Drill Core DC24-105 laminated massive sulphide as sphalerite-galena-pyrite at 29.3 m
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Table 2. 2024 Drill Collar Information, Red Mountain Project
| Red Mountain 2024 Diamond Drill Hole Collars | ||||||||
| Hole ID | Easting | Northing | Elevation (m) | Azimuth | Dip | Depth (m) | Zone | Status |
| DC24-104 | 480364 | 7088200 | 1218 | 180 | -45 | 112 | Dry Creek | Reported Here |
| DC24-105 | 480364 | 7088200 | 1218 | 180 | -75 | 120 | Dry Creek | Reported Here |
| KW24-03 | 470228 | 7085491 | 1561 | 180 | -50 | 283 | Kiwi | Reported Here |
| WT24-33 | 483950 | 7090863 | 982 | 0 | -90 | 185 | West Tundra Flats | Previously Reported |
| WT24-34 | 484196 | 7090851 | 968 | 38 | -78 | 146 | West Tundra Flats | Previously Reported |
| DC24-106 | 481059 | 7088384 | 1233 | 170 | -72 | 192 | Dry Creek | Previously Reported |
Note: Easting and northing in metres, NAD27 zone 6 UTM coordinates
Exploration Targets
Silver47 mobilized field teams to three high-priority exploration targets to determine their viability for immediate or near-term drill testing. Kiwi, Galleon, and Horseshoe were selected based on the good to excellent grades in surface sampling, and geophysical anomalies identified from modern survey methods.
Table 3. 2024 Geochemical Rock Sampling Highlights
| Sample ID | Sample Type | Prospect | AgEq (g/t) | Ag (g/t) | Au (g/t) | Zn (%) | Pb (%) | Cu (%) | Sb (ppm) |
| H648017 | Rock Grab | Galleon | 329.66 | 132.00 | 1.26 | 1.17 | 0.80 | 0.02 | 453.00 |
| H648018 | Rock Grab | Galleon | 92.53 | 42.20 | 0.18 | 0.39 | 0.46 | 0.01 | 206.00 |
| H648019 | Rock Grab | Galleon | 87.44 | 28.60 | 0.31 | 0.44 | 0.30 | 0.01 | 337.00 |
| H648022 | Rock Grab | Kiwi | 1959.17 | 218.00 | 3.19 | 0.22 | 0.50 | 11.95 | 110.50 |
| H648024 | Rock Grab | Kiwi | 1269.29 | 177.00 | 1.31 | 8.42 | 0.85 | 4.57 | 39.80 |
| H648026 | Rock Grab | Kiwi | 1589.49 | 165.00 | 0.96 | 0.98 | 0.54 | 10.70 | 61.20 |
| H648027 | Rock Grab | Horseshoe | 294.81 | 36.60 | 0.78 | 2.49 | 1.92 | 0.07 | 147.50 |
| H648030 | Rock Grab | Horseshoe | 101.69 | 21.00 | 0.04 | 0.40 | 1.80 | 0.02 | 24.80 |
| H648031 | Rock Grab | Horseshoe | 193.62 | 18.25 | 0.15 | 2.15 | 1.84 | 0.02 | 30.80 |
Galleon Silver Target
The Galleon Target is a high-priority silver target, with historical samples returning up to 1,265 g/t silver, 2.1 g/t gold, and 5% combined zinc and lead. The semi-massive sulphide is hosted in a metarhyolite of the Mystic Creek Member, on the north limb of the Bonnifield East Syncline, a similar depositional setting to the Dry Creek mineralization. Historic work includes, mapping, trenching, 3.9 km of IP survey, and several short drill holes completed in 1981 with a Winky drill. The 1981 drilling failed to intercept mineralization, but frequently had zero core recovery for many intervals.
In 2024, Silver47 collected 101 soil samples for analysis by XRF in the field, and 8 rock grab samples. The soil samples identified several areas of anomalous zinc and lead in the soil/talus fines around the Galleon Target and three of the rock samples returned significant polymetallic grades. The location of historical high-grade samples was inaccessible due to significant degradation of the trench workings. However, a sub-crop rock sample taken from a historical trench/drill pad returned 132 g/t silver, 1.26 g/t gold, and 1.9% combined zinc and lead. Three samples also returned anomalous values for critical minerals antimony and rubidium.
Horseshoe SEDEX Target
The Horseshoe Target was identified in 2020 with rock and soil sampling covering approximately 200 m of gossanous exposure. Located within the Keevy Peak Formation, the host rocks exhibit more clastic composition than the Totatlanika Schist, suggesting potential for sedimentary exhalative (SEDEX) mineralization. Historic samples have returned up to 37.9 g/t silver, 3.81 g/t gold, and 6.8% combined zinc and lead.
In 2024, Silver47 collected 94 soil samples for XRF analysis, and six rock grab samples. Elevated zinc and lead concentrations were detected throughout the soil grid, with higher values coinciding with the gossan zone. Three rock samples returned values maintaining Horseshoe as a high-priority exploration target, with the best sample grading 36.6 g/t silver, 0.78 g/t gold, 4.4 combined zinc and lead, and 147.5 ppm antimony. Detail outcrop structural mapping, with tighter-spaced soil-rock geochemistry is planned to further develop Horseshoe into a drill-ready target.
Kiwi Target Drilling and Geochemical Sampling
The Kiwi Target was identified by the previous operators from surface boulders of high-grade copper-silver rock samples, including a high of 16.2% copper and 316 g/t silver. Two historical drill holes KW21-01 and KW21-02 were drilled to test the potential source of this mineralization. Neither historical hole intercepted sulphide mineralization comparable to the surface samples. A 2021 fixed loop electromagnetic survey was completed over the target, with the results showing a strong conductive anomaly east of holes KW21-01 and KW21-02. Hole KW24-03 was drilled to a depth of 283 m to test this conductive feature. While narrow intervals of sulphide mineralization including chalcopyrite were encountered in the hole, no significant results were returned.
Prior to the 2024 drilling, Silver47's geologists prospected down the western slope of the Kiwi zone to confirm the historic rock samples. Of the seven rock samples collected, three returned high-grade copper, silver, and gold values, including 2 samples over 10% copper and silver values of 165 g/t and 218 g/t. Extensive follow-up sampling and structural mapping is needed to guide future drilling at the Kiwi Target. However, given the high number of targets on the Red Mountain Project and the lackluster drill results here, the Kiwi Target has been reduced to a lower priority ranking.
About the Red Mountain VMS-SEDEX Project - Alaska, USA
Silver47's flagship Red Mountain property covers 633 square kilometres of Alaska State-managed land 100 km south of Fairbanks, Alaska. The project is well situated for infrastructure, 30 km east of the community of Healy which has power, rail and state highway access to Alaska Route 3, providing a valuable connection to Anchorage and tide water. The Company has an approved permit to conduct advanced exploration, including drilling, across the property.
Red Mountain hosts a NI 43-101 inferred mineral resource estimate of 15.6 Mt at 7% ZnEq for 1 Mt of ZnEq or 335.7 g/t AgEq for 168.6 Moz AgEq at the Dry Creek (DC) and West Tundra Flats (WTF) resource areas as combined open pit and underground. DC and WTF are the two most advanced mineralized zones at Red Mountain, with at least 20 additional mineralized prospects discovered on the property to date over the 60 km of highly prospective geology.
For more information, see the Red Mountain NI 43-101 technical report titled "Technical Report on the Red Mountain VMS Property, Bonnifield Mining District, Alaska, USA" dated January 12, 2024, prepared by Apex Geoscience Ltd., which can be found on the Company's website https://silver47.ca/ and SEDAR+.
Quality Assurance and Quality Control
Quality assurance and quality control (QAQC) protocols for drill core sampling at the Red Mountain Project followed industry standard practices. Core samples were typically taken at 1.0m intervals in mineralized zones, and 3.0m intervals outside of mineralized zones. Sample lengths were adjusted as necessary so as not to cross lithologic and mineralogic boundaries. QAQC check samples were inserted into the sample stream with one blank, one duplicate (coarse), and one certified reference material (CRM) occurring within every 20 samples. Drill core was cut in half, bagged, sealed and delivered directly to ALS Minerals Fairbanks, Alaska for transport to the ALS Minerals Laboratories labs in North Vancouver, British Columbia. ALS Minerals Laboratories are registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Core samples were analyzed at ALS Laboratory facilities in North Vancouver using four-acid digestion with an ICP-MS finish. Gold analysis was by fire assay with atomic absorption finish, or gravimetric finish for over-limit samples. Over-limits for silver, zinc, copper, and lead were analyzed using Ore Grade four-acid digestion. The standards, certified reference materials, were acquired from CDN Resource Laboratories Ltd. of Langley, British Columbia and selected to represent expected mineralization.
Qualified Person
Mr. Alex S. Wallis, P.Geo., the Company's Vice President of Exploration is a "qualified person" as defined by NI 43-101. Mr. Wallis has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the technical information and has approved the technical information in this press release.
About Silver47 Exploration Corp.
Silver47 wholly-owns three silver and critical metals (polymetallic) exploration projects in Canada and the US. The Flagship Red Mountain silver-gold-zinc-copper-lead VMS-SEDEX project in southcentral Alaska hosts a NI 43-101 inferred mineral resource estimate of 15.6Mt at 7% ZnEq for 1Mt of ZnEq or 335.7 g/t AgEq for 168.6 Moz AgEq at the Dry Creek (DC) and West Tundra Flats (WTF) resource areas as combined open pit and underground. Silver47 shares trade on the TSX-V under the ticker symbol AGA. For more information about Silver47, please visit our website at www.silver47.ca.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Director and CEO
info@silver47.ca
403-870-1166
No securities regulatory authority has either approved or disapproved of the contents of this release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, including statements relating to the trading of the Company's common shares on the TSXV, the prospective geology and composition of its properties, anticipated results of further exploration on its properties, or other similar expressions and all statements, other than statements of historical fact included herein. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; regulatory risks; fluctuations in commodity prices; title matters; litigation risks; and the additional risks identified in the Company's long form prospectus dated October 25, 2024 filed under its issuer profile on SEDAR+ and other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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Latest assays:
“We have generated a wealth of outstanding assays since we started drilling a year ago and these will underpin next month’s resource update.
“To be able to advance from discovery to definition drilling and into a planned maiden resource for both Cristal and Pegaso 7 in such a short period highlights the compelling exploration potential we have at Cerro Bayo.
“Given the amount of drilling we are doing, the open nature of the known mineralisation and the prospective ground we have identified through sampling and mapping, we are very confident about the next 6-12 months at Cerro Bayo”.
Drilling and Exploration Update
The drilling campaign continues to progress at the Laguna Verde Project area with three rigs aimed at expanding and infilling the existing resources at Coyita North (Figure 1) and continuing to define deeper mineralised shoots within the Pegaso 7 discovery.
Figure 1. Coyita North drill platform testing the northern shoot.
Geophysics campaign
As announced on 13 February 2025, the geophysics campaign is currently ~30% complete and has defined extensive new enhanced resistivity corridors within the broader Pampa La Perra and Cerro Bayo trends. The campaign has progressed to the Sinter Hill/Cascada areas (Figure 2) with the aim of defining the mapped veins of Meseta (Figure 3) and Mallines at depth and further along strike as well as the undercover zones below the Sinter Hill.
Click here for the full ASX Release
This article includes content from Andean Silver, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF) (FSE: AHZ0) ("Blackrock" or the "Company") announces the first set of results from its exploration drill program (the "Resource Expansion Program") that is targeting expansion potential across a one kilometre trend of vein corridor linking the Denver-Paymaster ("DP") and Bermuda -Merten ("Bermuda) vein groups (collectively "DPB") and the Northwest ("NW") Step Out resource areas on its 100% owned Tonopah West project ("Tonopah West") located in Nye and Esmeralda Counties, Nevada, United States.
RESOURCE EXPANSION PROGRAM HIGHLIGHTS:
The first assays from the Resource Expansion Program targeting the extension of the Tonopah West vein system returned results that confirm the Company's geologic model and will be followed up on over the coming months in an expanded program. The initial Resource Expansion Program consisted of nine core holes with reverse circulation (RC) pre-collars and two core holes drilled from the surface. A total of 6,548 metres (21,484 feet) of drilling was completed.
The assay results show the extension of the silver and gold system continues to the northwest from the DPB resource area across the 1-kilometre vein corridor with each drillhole intersecting multiple mineralized quartz veins. A follow-up drill program is being planned that will reduce the drill spacing for over 450-metres of strike to 50 to 75-metre centers along the silver-gold trend that will be included in a future updated resource estimate. The NW Step Out zone is also open to the northwest and down dip, and connection with the DPB resource looks promising.
The mineralized quartz veins returned significant gold and silver values with gold (Au) up to 23.467 grams per tonne (g/t) Au and silver (Ag) values at 2,223 g/t Ag. In addition, drill thickness shows significant potential with vein intercepts exceeding 8 metres in TXC25-124. The NW Step Out target shows potential to add an additional 30 to 50% of new resource Tonopah West, connecting the zone to DPB, allowing for the capture and inclusion of the existing NW resource (1.0 million (M) tonnes containing an inferred 6.4 M ounces (ozs) Ag and 63k ozs Au or 12.1M ozs silver equivalent (AgEq))1 into a future updated preliminary economic assessment on Tonopah West.
Andrew Pollard, the Company's President and Chief Executive Officer stated: "Initial assay results from our Resource Expansion Program have validated our geologic model, confirming multiple +1k g/t AgEq intercepts on the extension of the system across a host of veins over a 500-metre span of our one-kilometre gap. These results strengthen our confidence in adding both significant ounces and mine life at Tonopah West. Drilling has successfully connected high-grade mineralization within the southern portion of a one-kilometer gap within the vein corridor, linking the DPB resource area and mine plan to the 12-million-ounce AgEq NW Step Out deposit-excluded from our 2024 preliminary economic assessment. Initial results have successfully traced mineralized structures along a 500-metre extension of this zone, suggesting the potential to increase our existing mineral inventory by 30% to 50% and integrate the orphaned NW Step Out deposit. With our model becoming more robust, we are increasing expansion drilling with the goal of fully integrating the one-kilometre trend into our next preliminary economic assessment on Tonopah West, with an updated mineral resource estimate on Tonopah West planned in both Q3, 2025, in addition to a further updated mineral resource estimate and preliminary economic assessment on Tonopah West scheduled for completion in Q2 2026."
Table 1: Tonopah West Assay Intercepts using 150 g/t AgEq cut off
| Drillhole ID | Program | From (m) | To (m) | Drillhole Interval (m) | Ag g/t | Au g/t | AgEq g/t |
| TXC24-113 | Expansion | 478.08 | 478.39 | 0.31 | 614.0 | 7.140 | 1,256.7 |
| TXC24-113 | Expansion | 503.13 | 504.66 | 1.52 | 116.8 | 0.904 | 198.2 |
| TXC24-113 | Expansion | 538.43 | 540.11 | 1.68 | 364.0 | 0.033 | 367.0 |
| TXC24-114 | Expansion | 394.08 | 395.63 | 1.55 | 93.9 | 1.553 | 233.7 |
| Including | 394.08 | 394.41 | 0.34 | 288.0 | 5.270 | 762.4 | |
| TXC25-123 | Expansion | 436.87 | 437.54 | 0.67 | 182.0 | 1.690 | 334.1 |
| TXC25-123 | Expansion | 471.83 | 474.88 | 3.05 | 225.4 | 2.412 | 442.5 |
| Including | 471.83 | 472.14 | 0.31 | 2,223.0 | 23.467 | 4,335.3 | |
| TXC25-124 | Expansion | 370.03 | 378.62 | 8.60 | 121.6 | 1.233 | 232.6 |
| Including | 371.55 | 372.31 | 0.76 | 778.6 | 7.854 | 1,485.6 | |
| TXC25-124 | Expansion | 407.40 | 410.26 | 2.87 | 176.8 | 1.785 | 337.5 |
| Including | 407.40 | 407.76 | 0.37 | 1,344.0 | 13.500 | 2,559.2 | |
| AgEq gpt=(Au gpt*90)+Ag gpt; True thickness unknown at this time; NSV=No values above cut off; Cut-off grade is 150 gpt AgEq; RC/Core = RC pre-collar with core tail; Core is core from the surface. |
Drillholes TXC24-106, -109, -110, and -111, drilled on the northern portion of the trend were too far east to reach the mineralized structures. Drillhole TXC24-108 cut multiple veins, but returned values below the cut-off grade (0.31 metres grading 117 g/t Ag, 0.165 g/t Au for 132 g/t AgEq; 0.67 metres grading 73 g/t Ag, 0.263 g/t Au for 96 g/t AgEq; and 0.64 metres yielding 50 g/t Ag, 0.24 g/t Au for 72 g/t AgEq starting at 578m, 590m and 631m respectively). TXC24-112 was drilled in a northwesterly direction and deviated to the northwest thereby paralleling the main structural grain. One drillhole, TXC24-107, which was cored from surface was lost before reaching the target depth.
With drillholes TXC24-113, -114 and TXC25-123 and -124 cutting multiple high-grade veins, the exploration group has a better understanding of the geometry of the NW Step Out structures that will be used for refined targeting of our expanded Resource Expansion Program.
Table 2: Tonopah West Drillhole Location Coordinates (based on GPS readings in the field, Datum UTM, NAD 1927, Zone 11)
| Drillhole ID | Area | Type | UTM_NAD27 E | UTM_NAD27 N | Elevation (m) | Depth (m) | Azimuth | Incline |
| TXC24-106 | NW Step Out | RC/Core | 476887.1 | 4214846.1 | 1746.6 | 770.5 | 270 | -80 |
| TXC24-107 | NW Step Out | Lost | 476889.2 | 4214843.0 | 1746.9 | 118.0 | 230 | -65 |
| TXC24-108 | NW Step Out | Core | 476891.5 | 4214844.8 | 1747.3 | 713.4 | 230 | -65 |
| TXC24-109 | NW Step Out | RC/Core | 476911.1 | 4214747.8 | 1748.0 | 657.5 | 270 | -80 |
| TXC24-110 | NW Step Out | RC/Core | 476925.9 | 4214639.9 | 1744.1 | 657.5 | 270 | -80 |
| TXC24-111 | NW Step Out | RC/Core | 477058.8 | 4214642.7 | 1747.6 | 708.7 | 230 | -65 |
| TXC24-112 | NW Step Out | RC/Core | 477316.7 | 4214181.8 | 1751.9 | 737.0 | 290 | -65 |
| TXC24-113 | NW Step Out | RC/Core | 477311.2 | 4214181.0 | 1751.7 | 540.1 | 220 | -75 |
| TXC24-114 | NW Step Out | RC/Core | 477403.8 | 4214041.9 | 1757.9 | 618.1 | 220 | -75 |
| TXC25-123 | NW Step Out | RC/Core | 477508.7 | 4214018.0 | 1767.1 | 502.3 | 180 | -65 |
| TXC25-124 | NW Step Out | RC/Core | 477647.0 | 4213941.2 | 1763.5 | 525.5 | 180 | -60 |
Figure 1 is a plan map showing the location of all the drillholes in the Resource Expansion Program and highlighting those mentioned in this news release.
Figure 1: Drillhole location map of the Resource Expansion Program showing drillholes mentioned in this news release.
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Quality Assurance/ Quality Control
All sampling is conducted under the supervision of the Company's project geologists, and a strict chain of custody from the project to the sample preparation facility is implemented and monitored. The RC and core samples are hauled from the project site to a secure and fenced facility in Tonopah, Nevada, where they are loaded on to American Assay Laboratory's (AAL) flat-bed truck and delivered to AAL's facility in Sparks, Nevada. A sample submittal sheet is delivered to AAL personnel who organize and process the sample intervals pursuant to the Company's instructions.
The RC samples are lined out at the lab and logged in to AAL's system. The core samples are cut using core saws and personnel at AAL's facility in Sparks, Nevada according to the Company's instructions delivered with each core hole.
All samples are dried, crushed to 85% passing 10 mesh (2mm) and a 250-gram sub-sample split is collected and pulverized to 200 mesh (74 micron) in a ring and puck pulverizer. Then the pulverized material is digested and analyzed for gold using fire assay fusion and an Induced Coupled Plasma (ICP) finish on a 30-gram assay split (FA-PB30-ICP). Silver is determined using five-acid digestion and ICP analysis (ICP-5AM48). Over limits for gold and silver are determined using a gravimetric finish (GRAVAU30 and GRAVAG30). Data verification of the assay and analytical results are completed to ensure accurate and verifiable results. Blackrock personnel insert a blind prep blank, lab blank or a certified reference material approximately every 15th to 20th sample.
Qualified Persons
Blackrock's exploration activities at Tonopah West are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under NI 43-101. He has reviewed and approved the contents of this news release.
About Blackrock Silver Corp.
Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.
Additional information on Blackrock can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.
Cautionary Note Regarding Forward-Looking Statements and Information
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the Company's strategic plans; the intention to expand the Resource Expansion Program; the timing of completion of the Company's drill program at Tonopah West and the anticipated objectives and results therefrom; the interpretation of the assay results from the Resource Expansion Program; the potential to add an additional 30 to 50% of new resource Tonopah West, connecting the zone to DPB, allowing for the capture and inclusion of the existing NW resource; the timing of completion of updated mineral resource estimates and updated preliminary economic assessments on Tonopah West; the Company's de-risking initiatives at Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from drilling; geological information projected from sampling results; and the potential quantities and grades of the target zones.
These forward-looking statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption "Risks Factors" in the Company's most recent Annual Information Form.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For Further Information, Contact:
Andrew Pollard
President and Chief Executive Officer
(604) 817-6044
info@blackrocksilver.com
Confirms Deeper High-Grade Zones on Main Break; New Regional Zones at Larder
Large Expansion of Carissa Zone at Deer Trail Points to Mineral Source
MAG Silver Corp. ("MAG" or "the Company") provides an update on its exploration activities and 2025 outlook for its Larder (Ontario, Canada) and Deer Trail Carbonate Replacement Deposit ("CRD") (Utah, U.S.A.) projects, which remain key components of the Company's growth strategy. MAG continues to advance these two district-scale exploration projects which, like Juanicipio, demonstrate the potential to host significant high-grade mineralisation. At both projects, systematic exploration including drill testing achieved the objectives of expanding known zones of mineralisation, making new discoveries and outlining new high-potential drill targets.
Disciplined Capital Allocation fueling Growth and Shareholder Value: MAG is committed to a prudent and disciplined approach to capital allocation. Juanicipio's robust cash flow empowers us to execute on the dual mandate of: advancing our greenfield growth pipeline while maintaining a strong financial foundation and actively evaluating opportunities to enhance shareholder value through capital returns. Our exploration investments are guided by rigorous technical analysis, with capital allocated prudently to maximise discovery potential. The Company continues to actively evaluate and pursue opportunities to optimise its capital structure and return capital to shareholders.
Larder Project – Key Highlights
2025 Outlook: Interpretation of the extensive 2024 exploration program is in its final stages and is guiding targeting for a focused 2025 drill program expected to commence in the second half of the year. Planned drilling will target :
Deer Trail Project – Key Highlights:
2025 Outlook: The 2025 exploration plan and budget for Deer Trail are currently being finalised, integrating recent seismic work, airborne studies and ongoing data analysis to prioritise drill targets. The focus remains on systematically testing the "hub-and-spoke" CRD to intrusive source model, targeting high-grade polymetallic CRD/Skarn style mineralisation. Drilling is anticipated to commence in the second half of 2025. To mitigate high drilling costs in the challenging ground conditions, MAG is actively evaluating the use of Reverse Circulation ("RC") pre-collared pilot holes as well as exploring all avenues to maximise shareholder value and reduce discovery risk and costs, demonstrating a pragmatic and efficient approach to project advancement.
"Exploration continues to reinforce our belief that Larder and Deer Trail are robust mineralised systems. Our teams continue to systematically refine data-driven priority targets with potential for a significant discovery." said George Paspalas, President and CEO. "While focused on disciplined capital allocation, we firmly believe that strategic greenfield exploration is essential for long-term value creation for MAG shareholders, and these projects represent a vital component of our growth pipeline. We are committed to a focused and disciplined approach to exploration, ensuring that every dollar spent is aimed at maximizing discovery potential and, ultimately, long term shareholder value creation."
Larder Project: Advancing Prospective Targets in the Abitibi Gold Belt
MAG's Larder Project is a district scale orogenic gold project in the heart of the Abitibi Greenstone Belt, between the 70+ million-ounce Kirkland Lake-Macassa gold system operated by Agnico Eagle and the 11+ million-ounce, former producing Kerr-Addisson mine along the regional scale CLB. The Company's size criteria on this project is the discovery of a multi-million-ounce high-grade gold deposit hosted in shear-hosted orogenic structures.
The project has significantly evolved with systematic exploration using applied science, new data sets, drill testing, and completing the highly prospective Goldstake land acquisition. With these activities completed, confidence in the project has further increased and it has the potential to host one or more large gold deposits.
Cheminis/Bear: Drilling tested and successfully extended the depth extensions of the Cheminis and Bear zones extending them both 600 metres deeper than previous drilling (Table 1, Figure 1). Cheminis shows good continuity and returned multiple high-grade intercepts including 10.2 g/t gold over 6.3 metres . Bear, the "main north" zone, returned intervals up to 42.1 g/t gold over 1.5 metres. Additional drilling will be required to demonstrate continuity and is being considered for 2025. Results here are highly encouraging confirming the initial hypothesis of grade and width increasing with depth.
Regional Successes: Following the successful deep Cheminis and Bear drill testing, MAG shifted focus to the advanced, shallower 2nd and 3rd order targets allowing the team to test more targets with the funds available. The regional drill program tested numerous targets (Figure 1) including a 4 km east-west trending unconformity hosting the Timiskaming conglomerate ("Long Conglomerate"), an interpreted dilation zone coincident with a cross-cutting north-south fault. Drilling here intersected a new gold zone returning 3.2 g/t gold over 10.0 metres including 8.2 g/t gold over 1.0 metres (Table 1). Assays are pending for much of the regional program and will be released to the market in due course. During the winter break, all drilled prospects are being assessed and ranked for further testing.
Table 1: Drillhole Highlights at the Larder Project
| Hole ID | From (metres) | To (metres) | Length 1 (metres) | Gold (g/t) | Target |
| GAT-23-020A | 676.30 | 678.80 | 2.50 | 6.3 | Cheminis |
| Including | 678.30 | 678.80 | 0.50 | 20.3 | Cheminis |
| GAT-23-021B | 757.40 | 768.50 | 11.10 | 3.2 | Cheminis |
| Including | 760.50 | 768.50 | 8.00 | 4.1 | Cheminis |
| Including | 766.00 | 768.00 | 2.00 | 10.2 | Cheminis |
| GAT-24-026 | 1127.00 | 1143.00 | 17.00 | 3.9 | Cheminis |
| Including | 1134.30 | 1135.50 | 1.20 | 9.1 | Cheminis |
| Including | 1137.40 | 1139.00 | 1.60 | 8.1 | Cheminis |
| GAT-24-027NA | 1138.80 | 1156.30 | 17.50 | 4.4 | Cheminis |
| Including | 1138.80 | 1146.80 | 8.00 | 8.4 | Cheminis |
| Including | 1139.40 | 1145.70 | 6.30 | 10.2 | Cheminis |
| Including | 1142.30 | 1145.10 | 3.40 | 14.0 | Cheminis |
| GAT-24-027NB | 1128.00 | 1132.40 | 3.70 | 10.6 | Cheminis |
| and | 1138.90 | 1143.30 | 4.40 | 5.1 | Cheminis |
| Including | 1138.90 | 1139.60 | 0.70 | 14.8 | Cheminis |
| GAT-23-022NA | 790.30 | 791.70 | 1.40 | 16.2 | Bear |
| Including | 791.20 | 791.70 | 0.50 | 33.8 | Bear |
| GAT-24-024NB | 1234.10 | 1236.30 | 2.20 | 9.4 | Bear |
| GAT-24-024NC | 1221.00 | 1222.50 | 1.50 | 42.1 | Bear |
| GAT-24-048 | 567.00 | 577.00 | 10.00 | 3.2 | NEW - Long Conglomerate |
| Including | 572.00 | 577.00 | 5.00 | 4.7 | NEW - Long Conglomerate |
| Including | 572.00 | 573.00 | 1.00 | 8.2 | NEW - Long Conglomerate |
1 Core Length
Goldstake: The Goldstake Property has been largely inactive for nearly two decades, seeing very limited exploration given its mapped potential host rocks, mineralised structures and location proximal to the CLB including the Kerr Addison mine. An initial surface prospecting and mapping campaign was conducted in the summer of 2024, highlighting two priority zones at Instant Pond and the F Zone. In these areas, 78 shallow historic drillholes tested up to 250 metres, most under 150 metres, below the surface between 1996 and 2008 with reported but unverified high-grade intercepts. New grab samples at Instant Pond delivered high-grade values including 32.1 g/t, 16.7 g/t, 15.8 g/t and 14.8 g/t gold within mafic volcanics proximal to a syenite intrusion leading to surface channel sampling which returned values including 18.5 g/t gold over 0.5 metres, 16.6 g/t gold over 0.5 metres and 9.6 g/t gold over 0.5 metres . The F-Zone is a broad zone of strongly sheared intrusive and sedimentary rocks tested at shallow depths with surface channels up to 12.3 g/t gold over 1.5 metres . Guided by new geophysical data, planned initial testing in 2025 will be focused testing these prospects at depth.
Figure 1 : Larder plan map showing the locations and orientation of the holes in this release.
Deer Trail Project
Exploration at Deer Trail took a significant step forward in 2024 with work on two MAG discoveries, the Carrissa copper-silver skarn and the Nodular gold zone, further outlining the scale of the mineralised hydrothermal system on the project. Exploration challenges associated with very difficult drilling conditions continued and MAG is currently working on finding ways to both mitigate exploration costs by pre-collar drill holes with cased RC pilot holes through the difficult upper 300 – 400 metres of heavily fractured quartzite rocks, and exploring all avenues to maximise shareholder value and reduce discovery risk and cost and move the project forward given the scale of the opportunity. MAG is well positioned to make targeted and cost-effective exploration decisions in 2025 with the tools in place to more confidently vector to mineralisation with a large inventory of targets ready to drill.
Deer Trail Exploration Model / Approach: The exploration strategy at Deer Trail is centered on the hypothesis that the high-grade manto mineralisation observed in the stratified carbonate-shale rocks in the Deer Trail Mine represents metal leakage from a more extensive Skarn/CRD mineralisation located within thicker, pure carbonate rocks at greater depths. CRD systems typically form when acidic, metal-rich fluids from an evolved felsic intrusion interact and replace carbonate rocks, creating skarn near the contact and transitioning into chimney/manto complexes further from the source. These deposits are inherently connected from their source to the most distal mantos if not dismembered by later faulting.
The project area exhibits numerous mantos, epithermal veins, alunite veins, and other deposits, surrounding large-scale hydrothermal alteration and anomalous geochemistry indicative of a large, long-lived system driven by one or more porphyry centers resembling a "hub and spoke". This model is characteristic of many CRD systems, where high-grade mantos and veins radiate from a central porphyry stock. Notable examples include the manto systems surrounding Bingham Canyon, Utah; Leadville, Colorado; and San Martín/Sabinas, Zacatecas.
Big Picture Support for the Exploration Model: MAG's initial drilling (see Press Release dated September 7, 2021) proved the existence of the carbonates with all holes intercepting hundreds of metres of variably recrystalised/marbleised and intensely skarnified marble starting about 200 metres below the existing mine and confirmed to cover many square kilometres with very little post-mineral faulting in the area. As a result, MAG geologists strongly believe that Deer Trail hosts a continuous Skarn-CRD system where the high-grade, shallow (about 150 metres below surface) polymetallic mineralisation at the Deer Trail Mine is ultimately connected through the mineral plumbing system to the metal source at depth, which is believed to be west of the Carissa Zone. MAG's objective is to locate the metal source and systematically explore the whole system from both ends towards the middle with the envisioned mineralisation being connected from shallow depths to source.
Carissa Zone: Expansion Towards Source
Recent step-out drilling has significantly expanded the Carissa mineralisation and refined our understanding to more confidently vector towards the source of the mineralisation (Table 2, Figure 2). Like the initial discovery intercept (see Press Release dated January 17 th , 2023), new drilling at Carissa has intersected a very similar broad zone of copper-silver-zinc mineralisation with zones of mineralised skarn and sulphide lacing bounded above by hundreds of metres of intense hydrothermal alteration. DT24-20B intercepted 293.8 metres grading 7.0 g/t silver, 0.2% copper and 0.2% zinc , mimicking the discovery hole in grade and thickness, with internal higher-grade sections. Carissa continues to highlight the extensive hydrothermal system that was active at Deer Trail and now covers over 450 by 350 metres in area with an estimated maximum thickness of 200 - 250 metres based on core axis angles and modelling. While sub-economic in terms of grade, Carissa potentially represents a large, mineralised fluid pathway with near source indicators, which far exceeds any previous targets drill tested at Deer Trail. Carissa provides an important direct vector towards the postulated source intrusion to the west, and to potentially additional areas of high-grade polymetallic CRD mineralisation.
Nodular Gold Zone: Dilling by MAG discovered the Nodular Gold Zone (Table 2, Figure 2) with hole DT23-16 returning 29.45 metres grading 4.5 g/t gold including 8.8 metres grading 9.4 g/t gold starting at just under 200 metres vertical depth next to the historic Deer Trail Mine. The zone is visually identified by distinct centimetre sized silica "nodules" (after anhydrite) within finely laminated black shales and has now been recognised and sampled in over 20 holes spread over a 450 by 150 metre area with DT23-16 being the best intercept. Other highlights include UDDH4 grading 9.6 g/t gold over 10.5 metres and DT21-03 grading 3.0 g/t gold over 17.9 metres . The gold is interpreted to be hosted around the edges of the silica nodules and in quartz veinlets.
Deer Trail Mine Corridor: Additional high-grade manto style mineralisation has been intercepted down-dip of the modelled mantos of the 3400 area in the Deer Trail Mine. Though not directly the target, these massive sulphide intercepts expand the known manto footprint at the Deer Trail Mine. These types of distal mantos are inherently, unless faulted, connected to their mineral source at depth and may be important starter mineralisation should a deeper discovery be found. The best intercepts is in DT24-17 intersecting 2.8 metres grading 151 g/t silver, 1.0 g/t gold, 2.5% lead, 3.7% zinc and 0.5% copper.
Figure 2 : Deer Trail plan map showing the locations and orientation of the holes in this release. Labels correspond to Table 2.
Table 2. Drill intercept highlights
| Label | Hole ID | From (metres) | To (metres) | Length 1 (metres) | Silver (g/t) | Gold (g/t) | Lead (%) | Zinc (%) | Copper (%) | Target |
| A | DT22-09 2 | 1262.25 | 1569.28 | 273.81 | 12 | - | 0.1 | 0.2 | 0.2 | Carissa |
| A | Including | 1542.66 | 1569.28 | 26.62 | 30 | 0.2 | 0.2 | 0.5 | 0.6 | Carissa |
| B | DT22-10 2, 3 | 1240.00 | 1355.68 | 115.68 | 11 | - | 0.1 | 0.3 | 0.2 | Carissa |
| B | Including | 1294.90 | 1319.85 | 24.95 | 24 | - | 0.3 | 0.7 | 0.4 | Carissa |
| C | DT23-16 | 202.30 | 231.75 | 29.45 | 1 | 4.5 | - | - | - | Nodular Zone |
| C | Including | 203.30 | 203.60 | 0.30 | 2 | 10.8 | - | - | - | Nodular Zone |
| C | Including | 216.50 | 225.30 | 9.4 | 1 | 8.8 | - | - | - | Nodular Zone |
| C | Including | 210.45 | 211.10 | 0.65 | 2 | 17.1 | - | - | - | Nodular Zone |
| C | Including | 218.05 | 218.53 | 0.48 | 1 | 37.0 | - | - | - | Nodular Zone |
| C | Including | 221.45 | 224.00 | 2.55 | - | 11.4 | - | - | - | Nodular Zone |
| D | and | 270.10 | 274.20 | 4.10 | 46 | 0.2 | 0.7 | 0.9 | 0.2 | Mine Corridor |
| - | and | 1039.15 | 1039.75 | 0.60 | 71 | 0.3 | 0.6 | 2.5 | - | Mine Corridor |
| E | and | 1196.95 | 1203.35 | 6.40 | 3 | 0.1 | - | - | 0.1 | Carissa |
| F | DT24-17 | 172.30 | 206.40 | 34.10 | 2 | 1.9 | - | - | - | Nodular Zone |
| F | Including | 180.90 | 183.33 | 2.43 | 2 | 4.4 | - | - | - | Nodular Zone |
| F | Including | 192.32 | 198.10 | 5.78 | 4 | 3.7 | - | - | - | Nodular Zone |
| - | and | 240.55 | 242.70 | 2.15 | 55 | 0.1 | 1.8 | 3.0 | 0.2 | Mine Corridor |
| G | and | 265.00 | 275.20 | 10.20 | 63 | 0.4 | 1.4 | 1.9 | 0.3 | Mine Corridor |
| G | Including | 268.80 | 271.56 | 2.76 | 151 | 1.0 | 2.5 | 3.7 | 0.5 | Mine Corridor |
| G | Including | 271.10 | 271.56 | 0.46 | 463 | 3.6 | 6.3 | 8.0 | 1.1 | Mine Corridor |
| - | and | 771.60 | 772.50 | 0.90 | 43 | 0.2 | 0.1 | - | - | Mine Corridor |
| H | and | 1011.00 | 1014.25 | 3.25 | 64 | 0.1 | 7.2 | 7.3 | 0.5 | Carissa |
| - | Including | 1011.00 | 1012.60 | 1.60 | 109 | 0.2 | 10.5 | 9.2 | 0.9 | Carissa |
| - | and | 1061.95 | 1062.15 | 0.20 | 54 | - | 1.0 | 2.1 | 0.3 | Carissa |
| I | and | 1124.55 | 1163.20 | 38.65 | 11 | - | 0.1 | 0.2 | 0.3 | Carissa |
| - | DT24-18 | 224.01 | 225.00 | 0.99 | 1 | 0.7 | - | - | - | Mine Corridor |
| J | and | 780.05 | 784.15 | 4.10 | 23 | 0.1 | 1.3 | 1.3 | 0.3 | Mine Corridor |
| J | Including | 780.05 | 780.35 | 0.30 | 158 | 0.7 | 10.2 | 8.4 | 3.4 | Mine Corridor |
| - | and | 809.75 | 810.00 | 0.25 | 7 | 6.1 | - | - | 0.1 | Mine Corridor |
| - | and | 828.15 | 829.10 | 0.95 | 1 | 1.4 | - | - | - | Mine Corridor |
| - | and | 916.25 | 916.48 | 0.23 | 1500 | - | - | - | 0.3 | Mine Corridor |
| K | and | 1035.15 | 1036.00 | 0.85 | 36 | 0.1 | 0.3 | 0.6 | 0.1 | Carissa |
| - | DT24-19A | 974.10 | 974.55 | 0.45 | 70 | 0.1 | 2.3 | 2.1 | 0.7 | Mine Corridor |
| L | and | 1335.40 | 1336.30 | 0.90 | 404 | 0.1 | 3.0 | 0.3 | - | Carissa |
| L | Including | 1335.40 | 1335.70 | 0.30 | 1150 | 0.2 | 8.4 | 0.2 | - | Carissa |
| - | and | 1399.85 | 1400.25 | 0.40 | 104 | 0.1 | 0.5 | 0.3 | 0.2 | Carissa |
| M | and | 1402.05 | 1406.90 | 4.85 | 66 | 0.2 | 0.4 | 1.0 | 1.4 | Carissa |
| N | and | 1453.50 | 1461.35 | 7.85 | 7 | 0.1 | - | 0.1 | 0.3 | Carissa |
| O | DT24-20 | 1093.10 | 1093.30 | 0.20 | 24 | 1.0 | - | 0.6 | 1.3 | Carissa |
| - | DT24-20B | 842.20 | 842.45 | 0.25 | 97 | 0.5 | 3.6 | 4.4 | 0.7 | Mine Corridor |
| - | and | 1032.30 | 1033.00 | 0.70 | 131 | 4.4 | - | 0.1 | - | Mine Corridor |
| P | and | 1303.00 | 1596.75 | 293.75 | 7 | - | - | 0.2 | 0.2 | Carissa |
| P | Including | 1311.90 | 1313.15 | 1.25 | 83 | - | 1.3 | 1.9 | 0.8 | Carissa |
| P | Including | 1323.10 | 1326.30 | 3.20 | 38 | - | 0.4 | 1.0 | 0.5 | Carissa |
| P | Including | 1375.65 | 1384.54 | 8.89 | 15 | - | 0.1 | 0.5 | 0.3 | Carissa |
| P | Including | 1556.35 | 1560.00 | 3.65 | 45 | 0.1 | - | - | 1.9 | Carissa |
1 Core Length
2 Previously Released
3 Hole lost in mineralisation
Conclusion:
The impressive exploration results from the Larder and Deer Trail projects in 2024 are the catalyst for a highly focused and efficient 2025 exploration campaign. A key priority now is the comprehensive geological synthesis of the 2023 and 2024 data, which will directly dictate the design and targeting of our 2025 drill programs. Details of these synthesis-derived programs will be announced in the coming months, with drilling planned to begin in the second half of 2025 at both projects. MAG is committed to maximizing discovery potential through this rigorous, data-driven methodology, and we are confident in our ability to unlock significant value from these assets and generate strong shareholder returns through strategic greenfield exploration. The Company anticipates a productive and active second half of 2025 as it pursues its exploration objectives and delivers further news flow, building upon its track record of exploration success and disciplined capital allocation.
Quality Assurance and Control: Deer Trail - The samples (half core) are shipped directly in security-sealed bags to ALS- Laboratories preparation facilities in Elko, Nevada, USA (Certification ISO/IEC 17025:2017). Samples shipped also include intermittent standards and blanks. Pulp samples are subsequently shipped to ALS-Chemex Laboratories in North Vancouver, Canada for analysis. The remaining half core is placed back into the core boxes and is stored on site with the rest of the drill hole core in a secured core storage facility. Larder - Drill core is logged and sampled at the Larder Project site. Core samples from the program are cut in half with a diamond cutting saw, with half sent for assay at ALS lab in Rouyn-Noranda, Quebec. The other half is secured and retained on site. All samples are analyzed for gold using standard Fire Assay-AA and multi element ICP using 4 acid digestion methods. Samples returning greater than 5.0 g/t gold are analyzed utilizing standard Fire Assay-Gravimetric methods. Certified reference standards and blanks are routinely inserted into the sample stream as part of MAG's quality control/quality assurance program.
Qualified Person:
All scientific or technical information in this press release including assay results referred to, and mineral resource estimates, if applicable, is based upon information prepared by or under the supervision of Lyle Hansen, M.Sc., P.Geo, a "Qualified Persons" for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Hansen is a Professional Geologist registered with Engineers and Geoscientists British Columbia (EGBC # 149624) and has over 20 years of experience working in the mineral exploration industry. He is not independent as he is Geotechnical Director of MAG. The Deer Trail and Larder project teams are led by MAG's Vice President of Exploration, Dr. Lex Lambeck, an A.I.P.G. Certified Professional Geologist C.P.G-11734 with over 20 years of relevant experience in CRD and orogenic exploration.
About MAG Silver Corp. ( www.magsilver.com )
MAG Silver Corp. is a growth-oriented Canadian mining and exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day Juanicipio Mine, operated by Fresnillo plc (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to mining and processing operations, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the 100% earn-in Deer Trail Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada.
Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 or "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements in this release, other than statements of historical facts are forward looking statements, including statements regarding: expectations relating to the cash flow and operations at Juanicipio for 2025; the long term potential of the Juanicipio project; expectation of the Larder and the Deer Trail drilling results, including anticipated gold, silver, copper and zinc grades and future processing rates of development materials, future mineral production, and exploration events or developments; expectation of completion of the exploration plans at the Larder and the Deer Trail Projects; the release of more comprehensive cost and production guidance on the proposed exploration and budget contemplated herein, if at all; the long term producing and operating potential of the Juanicipio, Larder and the Deer Trail projects; expectation that the Larder and Deer Trail projects will be robust mineralized systems; expectation of obtaining strategic partnerships to share discovery risk and cost; and the anticipated future delivery of consistent performance, optimized costs and shareholder value. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "grow", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "prospective", "targeting", "intend", "could", "might", "should", "believe" and similar expressions.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from those in the forward-looking statements identified herein include, but are not limited to, risks related to the control of Juanicipio cashflows and operations through a joint venture in which the Company is a non-operator; there being no guarantee of the surface rights for the Juanicipio property or in the Company's ability to obtain and maintain all necessary licences and permits that may be required to carry out its business activities at the Juanicipio Mine; risks related to maintaining a positive relationship with the communities in which the Company operates; risks related to the Company's decision to participate in the processing and production of the Juanicipio Mine; risks related to the limited operating history at Juanicipio; geotechnical risks associated with the operation of the Juanicipio Mine and related civil structures; labour risks; changes in applicable laws; risks to title, challenge to title or potential title disputes at Juanicipio; risks related to the uncertainty of drilling results from exploration efforts at the Larder and the Deer Trail Projects; ability of MAG Silver to seek and maintain strategic relationships to share discovery risk and cost of the Larder and the Deer Trail Projects; risks related to the accuracy of exploration results; continued availability of capital and financing; and general economic, market or business conditions; political risk; currency risk; risks related to potential tariffs placed on Canada and Mexico by the United States; risks related to Canadian retaliatory tariffs on United States; capital cost inflation and those other risks disclosed in MAG Silver's filings with the Securities Exchange Commission and Canadian securities regulators. All forward-looking statements contained herein are made as at the date hereof and MAG Silver undertakes no obligation to update the forward-looking statements contained herein. There is no certainty that any forward-looking statement will come to pass, and investors should not place undue reliance upon forward-looking statements.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the internet at www.sedarplus.ca and www.sec.gov .
Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9e602d2f-a97a-4051-996c-5b350ca9d4ab
https://www.globenewswire.com/NewsRoom/AttachmentNg/76e82614-488e-4b1f-ae3f-bcd9ec6c1425
For further information on behalf of MAG Silver Corp. Contact Fausto Di Trapani, Chief Financial Officer Phone: (604) 630-1399 Toll Free: (866) 630-1399 Website: www.magsilver.com Email: info@magsilver.com
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Endeavour Silver Corp. ("Endeavour" or the "Company") (TSX: EDR, NYSE: EXK) is pleased to report positive drill results from its exploration program at the Bolañitos Mine in Guanajuato State, Mexico. The 20242025 program focused on one key area, drilling the La Luz vein. Surface drilling intersected high-grade gold and silver mineralization and provides opportunities to replace reserves, increase resources and extend mine life.
"For more than 17 years, our exploration success has been integral to the ongoing operations at Bolañitos," said Dan Dickson, Chief Executive Officer. "The latest results highlight our focus on efficient, cost-effective exploration, which continues to extend the mine's life."
Highlight Drill Results from La Luz Vein Structure
Abbreviations include: gpt: grams per tonne; Au: gold; Ag: silver; ETW: estimated true width; m: metre; silver equivalents are calculated at a ratio of 80:1 silver:gold.
Drilling Context
In the last quarter of 2024, a surface diamond drilling program began in the north extension of the La Luz vein, in the area of the San Bernabé Adit and San Rafael Shaft, an area within 500 metres from the Asunción mine, exploited in previous years by the Company.
To date, eight drill holes totaling 2,000 metres has outlined high-grade mineralization over 100 metres in length to a depth of 200 metres. The area remains open to the south and to depth. Drilling will continue in the area for the first half of 2025.
Figure 1: Surface map of the San Bernabe-San Rafael Area, Bolañitos project
Figure 2: Longitudinal section of La Luz (San Bernabe – San Rafael area)
Table 1. La Luz Drill Results
| Hole | Structure | From (m) | To (m) | True Width (m) | Au (gpt) | Ag (gpt) | AgEq (gpt) | |
| LZ46-3 | La Luz | 264.90 | 266.50 | 1.02 | 1.17 | 449 | 542 | |
| Including | 264.90 | 265.50 | 0.38 | 1.73 | 798 | 936 | ||
| LZ47-2 | La Luz | 223.90 | 226.30 | 1.67 | 0.41 | 183 | 216 | |
| Including | 223.90 | 224.45 | 0.38 | 0.74 | 269 | 329 | ||
| LZ47-3 | La Luz | 189.05 | 190.40 | 0.95 | 2.03 | 70 | 233 | |
| Including | 190.15 | 190.40 | 0.18 | 3.36 | 22 | 290 | ||
| LZ48-1 | La Luz | 265.85 | 268.75 | 1.62 | 2.43 | 1,063 | 1,258 | |
| Including | 267.45 | 268.05 | 0.34 | 9.61 | 4,070 | 4,839 | ||
| LZ48-3 | La Luz | 144.75 | 147.50 | 2.49 | 3.15 | 71 | 322 | |
| Including | 144.75 | 145.50 | 0.68 | 5.63 | 47 | 497 |
Note: Drill holes LZ46-2, LZ48-2 and LZ50-2 returned no significant results
Silver equivalents are calculated at a ratio of 80:1 silver:gold. All widths are estimated true widths.
About Endeavour Silver
Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Qualified Person
Dale Mah, P.Geo., Vice President Corporate Development, a qualified person under NI 43-101, has approved the scientific and technical information contained in this news release.
A quality control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All samples are split at the local field office and shipped to ALS Labs, where they are dried, crushed, split and 250-gram pulp samples are prepared for analysis. Gold is determined by fire assay with an atomic absorption finish and silver by aqua regia digestion with ICP finish, over-limits by fire assay and gravimetric finish.
Contact Information
Allison Pettit
Director, Investor Relations
Tel: (604) 685 - 9775
Email: apettit@edrsilver.com
Website: www.edrsilver.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding mineral reserves, mineral resources, the life of the Bolañitos Mine, future drilling at the Bolañitos Mine, and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to changes in production and costs guidance; the reliability of mineral resource Estimates; the ongoing effects of inflation and supply chain issues on mine economics; national and local governments' legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development; risks in obtaining necessary licenses and permits; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, the reliability of mineral resource Estimates; mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
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First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the Company's audited consolidated financial results for the fourth quarter ended December 31, 2024. The full version of the financial statements and the accompanying management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or under the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.govedgar. All amounts are in U.S. dollars unless stated otherwise.
FOURTH QUARTER HIGHLIGHTS
Record Free Cash Flow (+119% Q/Q): The Company realized $68.4 million in free cash flow in the fourth quarter, compared to $31.3 million in the previous quarter. The improvement in free cash flow was driven by improved silver equivalent ("AgEq") production, higher realized silver prices and lower costs during the quarter.
Strengthened Cash Position (+19% Q/Q): At the end of the year, the Company had a cash and restricted cash balance of $308.3 million consisting of $202.2 million cash and cash equivalents and $106.1 million of restricted cash. The Company also ended the year with a strong liquidity position of $364.2 million consisting of $224.5 million in working capital and $139.6 million of available, undrawn revolving credit facility.
Increased Revenue (+18% Q/Q): In the fourth quarter, the Company generated revenues of $172.3 million, up 18% compared to the third quarter of 2024.
Improved Mine Operating Earnings (+69% Q/Q): The Company realized mine operating earnings of $48.2 million compared to $28.5 million in the previous quarter.
Increased Earnings Before Income Tax, Depreciation and Amortization ("EBITDA") (+68% Q/Q): EBITDA for the quarter was $62.0 million compared to $36.9 million in the previous quarter.
Improved Cash Cost (-9% Q/Q): Consolidated cash cost of $13.82 per AgEq ounce for the quarter represented a 9% improvement from $15.17 per AgEq ounce in the previous quarter.
Decreased All-in Sustaining Cost ("AISC") (-3% Q/Q): Consolidated AISC in the fourth quarter was $20.34 per AgEq ounce, representing a 3% decrease from $21.03 per AgEq ounce in the previous quarter.
Record Quarterly Sales at First Mint (+237% Q/Q): First Mint, LLC, the Company's 100%-owned minting facility, set a new record for quarterly sales of $9.1 million compared to $2.7 million in the previous quarter.
Purchased Common Shares: The Company purchased and cancelled an aggregate of 50,000 common shares at an average price of CAD$7.81 per share during the quarter.
Fourth Quarter Dividend: The Company declared a cash dividend of $0.0057 per common share for the fourth quarter of 2024 for shareholders of record as of the close of business on February 28, 2025, to be paid out on or about March 14, 2025.
2024 HIGHLIGHTS
Achieved Annual Production and Cost Guidance: The Company produced 21.7 million AgEq ounces, consisting of 8.4 million silver ounces and 156,542 gold ounces at an average AISC of $21.11 while setting "best in class" record safety performance.
Increased Cash Flow from Operations (+40% Y/Y): The Company realized strong operating cash flows before working capital and taxes of $138.6 million, compared to $99.2 million in 2023.
Realized Strong Revenues (-2% Y/Y): The Company generated annual revenues of $560.6 million, compared to $573.8 million in 2023.
Improved Mine Operating Earnings (+259% Y/Y): The Company realized mine operating earnings of $91.9 million compared to $25.6 million in 2023.
Increased EBITDA (+404% Y/Y): EBITDA for the year ended December 31, 2024 was $127.1 million, compared to a $41.8 million loss in 2023.
Held silver and gold inventory: At the end of the year, the Company held 539,153 ounces of silver and 2,595 ounces of gold bullion inventory with a total fair value of $22.4 million.
Improved Sustainability Score: First Majestic achieved a score of 37 in the S&P Global Corporate Sustainability Assessment ("CSA") published on October 31, 2024, a 32% improvement over our 2023 performance. The Company's 2024 score places First Majestic in the top third of the mining and metals industry. Improvements were equally reflected across all three categories of the CSA - Environmental, Social, and Governance & Economic. The assessment noted significant improvements in First Majestic's Risk & Crisis Management, Business Ethics, IT Security, Water Management, Human Rights and Labour Practices.
Cash Paid Dividends: The Company paid $5.3 million in quarterly dividends to shareholders during 2024.
Acquired Gatos Silver, Inc. ("Gatos"): On January 16, 2025, the Company completed the acquisition of 100% of the issued and outstanding shares of common stock of Gatos, in exchange for 177,433,006 common shares of First Majestic for a total merger consideration of $1.07 billion, pursuant to a Merger Agreement previously announced on September 5, 2024. Gatos holds a 70% joint venture interest in the Cerro Los Gatos Silver Mine, an underground silver mine in Chihuahua, Mexico together with Japan's Dowa Metals & Mining Co., Ltd., which holds the remaining 30% interest.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
| Key Performance Metrics | 2024-Q4 | 2024-Q3 | Change Q4 vs Q3 | 2023-Q4 | Change Q4 vs Q4 |
| Operational | |||||
| Ore Processed / Tonnes Milled | 745,124 | 678,397 | 10% | 652,731 | 14% |
| Silver Ounces Produced | 2,353,865 | 1,967,574 | 20% | 2,612,416 | (10%) |
| Gold Ounces Produced | 39,506 | 41,761 | (5%) | 46,585 | (15%) |
| Silver Equivalent Ounces Produced | 5,713,289 | 5,490,416 | 4% | 6,640,550 | (14%) |
| Cash Costs per Silver Equivalent Ounce(1) | $13.82 | $15.17 | (9%) | $13.01 | 6% |
| All-in Sustaining Cost per Silver Equivalent Ounce(1) | $20.34 | $21.03 | (3%) | $18.50 | 10% |
| Total Production Cost per Tonne(1) | $96.63 | $109.81 | (12%) | $122.76 | (21%) |
| Average Realized Silver Price per Silver Equivalent Ounce(1) | $30.80 | $29.84 | 3% | $24.16 | 27% |
| Financial (in $millions) | |||||
| Revenues | $172.3 | $146.1 | 18% | $136.9 | 26% |
| Mine Operating Earnings | $48.2 | $28.5 | 69% | $17.9 | 169% |
| Net (Loss) Earnings | ($13.5) | ($26.6) | 49% | $10.2 | NM |
| Operating Cash Flows before Non-Cash Working Capital and Taxes | $62.4 | $39.8 | 57% | $36.3 | 72% |
| Capital Expenditures | $36.1 | $34.7 | 4% | $31.6 | 14% |
| Cash and Cash Equivalents | $202.2 | $154.7 | 31% | $125.6 | 61% |
| Restricted Cash | $106.1 | $103.9 | 2% | $125.6 | (16%) |
| Working Capital(1) | $224.5 | $238.2 | (6%) | $188.9 | 19% |
| Earnings before Interest, Tax, Depreciation and Amortization ("EBITDA")(1) | $62.0 | $36.9 | 68% | $33.4 | 85% |
| Adjusted EBITDA(1) | $64.8 | $39.8 | 63% | $37.0 | 75% |
| Free Cash Flow(1) | $68.4 | $31.3 | 119% | $3.8 | NM |
| Shareholders | |||||
| (Loss) Earnings per Share ("EPS") - Basic | ($0.04) | ($0.09) | 56% | $0.04 | (200%) |
| Adjusted EPS(1) | $0.03 | ($0.03) | 200% | ($0.03) | 200% |
NM - Not meaningful
(1) The Company reports certain non-GAAP measures which include cash costs per AgEq ounce produced, cash costs per Au ounce produced, AISC per AgEq ounce produced, all-in sustaining cost per Au ounce produced, total production cost per tonne, average realized silver price per AgEq ounce sold, average realized Au price per ounce sold, working capital, adjusted EPS, EBITDA, adjusted EBITDA, and free cash flow. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non-GAAP Measures" at the end of this news release for further details of these measures.
FOURTH QUARTER FINANCIAL RESULTS
The Company generated revenues of $172.3 million during the quarter, a 26% increase compared to $136.9 million of revenues generated in the fourth quarter of 2023. This was primarily attributed to higher average realized silver prices, partially offset by a decrease in payable AgEq ounces sold primarily due to lower production levels at San Dimas and higher inventory levels held at the end of the fourth quarter of 2024.
The Company realized mine operating earnings of $48.2 million compared to $17.9 million in the fourth quarter of 2023, representing an increase of 169%. The increase in mine operating earnings was primarily attributed to a 51% increase in operating earnings at Santa Elena when compared to the fourth quarter of 2023, driven by higher average realized silver prices in the fourth quarter of 2024.
EBITDA for the quarter was $62.0 million compared to $33.4 million in the fourth quarter of 2023. The increase in EBITDA was primarily attributable to the increase in mine operating earnings and lower restructuring costs related to workforce optimization mainly at San Dimas, compared to the fourth quarter of 2023.
Adjusted EBITDA, excluding non-cash or non-recurring items such as share-based payments and unrealized losses on marketable securities for the quarter ended December 31, 2024, was $64.8 million compared to $37.0 million in the fourth quarter of 2023.
Net loss for the quarter was $13.5 million (EPS of ($0.04)) compared to net earnings of $10.2 million (EPS of $0.04) in the fourth quarter of 2023. Net loss for the quarter includes non-cash foreign exchange loss of $3.1 million (EPS of ($0.01)) and non-cash deferred income tax expense of $18.3 million (EPS of ($0.06)), relating primarily to the weakening of the Mexican peso at the end of the quarter compared to the fourth quarter of 2023 and valuation of certain Mexican tax loss carryforwards. On December 31, 2024, the Company held $151.4 million of its cash and value added taxes receivable in Mexican pesos (there is a $9.3 million non-cash impact on the Company's reported net earnings or loss per 10% change in the value of the Mexican peso against the U.S. dollar). The net loss this quarter was primarily attributed to a $40.5 million increase in non-cash deferred income tax expense partially offset by a $30.3 million increase in mine operating earnings as compared to the same quarter of the prior year.
Adjusted net earnings, normalized for non-cash or non-recurring items such as share-based payments, unrealized losses on marketable securities, and deferred income tax for the quarter ended December 31, 2024, was $7.6 million (adjusted EPS of $0.03) compared to an adjusted net loss of $8.3 million (adjusted EPS of ($0.03)) in the fourth quarter of 2023.
The Company's total capital expenditures in the fourth quarter of 2024 were $36.1 million (Q4 2023 - $31.6 million) consisting of $13.6 million for underground development (Q4 2023 - $12.4 million), $11.9 million in exploration (Q4 2023 - $5.3 million), and $10.7 million in property, plant and equipment (Q4 2023 - $13.8 million).
2024 FINANCIAL RESULTS
The Company generated annual revenues of $560.6 million in 2024, 2% lower compared to 2023 due to a 20% decrease in the total number of payable AgEq ounces sold, primarily as a result of the temporary suspension of mining operations at Jerritt Canyon in March 2023. This was partially offset by an increase in payable AgEq ounces produced at Santa Elena, and a 21% increase in the average realized silver price.
Annual mine operating earnings increased to $91.9 million compared to $25.6 million in 2023. The significant improvement in mine operating earnings was primarily driven by a 73% increase in operating earnings at Santa Elena compared to the prior year, attributable to stronger metal recoveries and throughput from Ermitaño that enabled the mine to achieve a new annual production record. In addition, cost efficiency measures implemented by the Company helped offset the strengthening of the Mexican peso in the first half of the year.
Operating cash flow before changes in working capital and taxes during the year was $138.6 million compared to $99.2 million in the prior year, representing a 40% increase.
Adjusted net earnings for the year, excluding non-cash or non-recurring items such as share-based payments, unrealized losses on marketable securities, and deferred income tax were $(41.8) million, or $(0.14) per share, compared to $(23.8) million, or $(0.08) per share in 2023.
The Company ended 2024 with a strong treasury of $308.3 million, consisting of $202.2 million in cash and cash equivalents, as well as $106.1 million in restricted cash. The Company also ended the year with working capital of $224.5 million.
AMENDMENTS TO SHARE REPURCHASE PROGRAM
The Company also announces that it has amended its existing Normal Course Issuer Bid (the "Share Repurchase Program"). As a result of the amendments, in addition to repurchases over the facilities of the Toronto Stock Exchange and/or alternative Canadian trading systems, the Share Repurchase Program now permits the Company to purchase its common shares pursuant to off-market transactions. The purchase price for such off-market transactions may be below the market price of the Company's common shares. All purchases made pursuant to the Share Repurchase Program will be completed in accordance with applicable securities laws.
CONFERENCE CALL DETAILS
The Company will host a conference call and webcast on Thursday, February 20, 2025, at 8:30 a.m. (PT) / 11:30 a.m. (ET) to provide investors and analysts with a business update and to discuss its 2024 earnings and production results and 2025 production and cost guidance.
To participate in the conference call, please use the following dial-in numbers:
| Canada & USA Toll-Free: | 1-844-763-8274 |
| Outside of Canada & USA: | +1-647-484-8814 |
| Toll-Free Germany: | +49-69-17415718 |
| Toll-Free UK: | +44-20-3795-9972 |
Participants should dial-in at least 15 minutes prior to the start of the call to ensure placement in the conference on time.
A live webcast of the call will be accessible through the "February 20, 2025 Webcast Link" on the First Majestic home page at www.firstmajestic.com. A webcast archive will be available approximately one hour after the end of the event and will be accessible for three months through the same link as the live event.
A recording of the conference call will be available for telephone replay approximately one hour after the end of the event by calling:
| USA & Canada Toll-Free: | 1-855-669-9658 |
| Outside of Canada & US: | +1-412-317-0088 |
| Access Code: | 7307775 |
The telephone replay will be available for seven days following the end of the event.
Q4 2024 DIVIDEND ANNOUNCEMENT
The Company is pleased to announce that its Board of Directors has declared a cash dividend in the amount of $0.0057 per common share for the fourth quarter of 2024. The dividend will be paid to holders of record of First Majestic's common shares as of the close of business on February 28, 2025, and will be paid out on or about March 14, 2025.
Under the Company's dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company's net quarterly revenues divided by the number of the Company's common shares outstanding on the record date.
The amount and distribution dates of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an "eligible dividend" for Canadian income tax purposes. Dividends paid to shareholders outside Canada (non-resident investors) may be subject to Canadian non-resident withholding taxes.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
For further information, contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO
Non-GAAP Financial Measures
This news release includes reference to certain financial measures which are not standardized measures under the Company's financial reporting framework. These measures include cash costs per silver equivalent ounce produced, all-in sustaining cost (or "AISC") per silver equivalent ounce produced, cash costs per gold ounce produced, AISC per gold ounce produced, total production cost per tonne, average realized silver price per ounce sold, average realized gold price per ounce sold, working capital, adjusted net earnings and EPS, EBITDA, adjusted EBITDA, and free cash flow. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These measures are widely used in the mining industry as a benchmark for performance but do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures disclosed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and a reconciliation of certain measures to GAAP terms please see "Non-GAAP Measures" in the Company's most recent management discussion and analysis filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-Looking statements in this news release include, but are not limited to, statements with respect to: the timing for the Company's fourth quarter dividend payment and the shareholder record and payable dates in connection with such dividend payment; and the timing for the consolidation of Gatos' financial and operating results into the Company's financial statements. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements".
Actual results may vary from forward-looking statements. Forward-Looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2023 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2023 filed with the United States Securities and Exchange Commission on EDGAR at http://www.sec.gov/edgar. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
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